Tel-Aviv is the most expensive city in the world to live

in.
07 Dec 2021
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Johnny WoodWriter, Formative Content
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 Soaring inflation has destabilized the cost of living in many countries.
 An annual cost of living survey found prices increased 3.5% in 2021 on
average.
 Prices of goods and services in Tel Aviv are higher than in any other
global city.
 War-torn Damascus in Syria retains its status as the world’s cheapest city
to live in.
Tel Aviv has been awarded a title few urban centres would welcome after topping
the global rankings for the city with the world’s highest cost of living.

The Israeli city displaced last year’s joint ‘winners’ Paris, Hong Kong and Zurich
at the top of the Economist Intelligence Unit’s Worldwide Cost of Living 2021
index, which reflects a 12-month period that has been characterized by
disruption.

Inflation in Tel Aviv has soared during the pandemic, making it the world’s most
expensive city.

Inflation in Tel Aviv has soared as the pandemic, supply chain challenges and
exchange rate shifts have pushed up prices. This mirrors a global increase in
inflationary pressure that has caused the index to record its highest increase for
five years, averaging 3.5% year-on-year compared to just 1.9% in 2020.

As a result, this year there has been something of a shake-up. Israel’s buoyant
currency, coupled with increased costs for transport and groceries, saw Tel Aviv
jump five places from last year, ahead of Paris and Singapore as the second-
most costly cities to live in.

Zurich moved down to fourth place and Hong Kong to fifth, from joint-first with
Paris last year.

The top 10 most expensive city list is completed by New York in sixth, followed
by Geneva, Copenhagen, Los Angeles and Osaka.
A decade of war in Syria has left its capital Damascus as the world’s cheapest
city to live in.

At the other end of the scale, the cheapest cities to live in are mainly in the
Middle East and Africa or poorer parts of Asia.

A decade of conflict in Syria has depressed the country’s currency, the Syrian
pound, leaving the capital city Damascus retaining last place in the index as the
world’s cheapest to live in. Damascus ranked lowest in seven of the 10 pricing
categories and among the lowest in the remaining three. Tripoli in Libya and
Tashkent in Uzbekistan complete the index’s bottom three places.

Most Expensive Cities - Newcomers, climbers and fallers

Iran’s capital Tehran made the largest leap of the 173 cities surveyed, rising 50
places from 79th to 29th as US sanctions led to rising import prices and supply
shortages - it was also the biggest climber last year. Other notable climbers
include Reykjavik in Iceland, which jumped 21 places to 35th in this year’s
ranking as items like transport and alcohol increased in price.

Going in the opposite direction, grocery and clothing price drops in Rome saw it
move from 32nd to 48th on the index, the biggest downward movement.

This year saw 40 newcomers to the index, including seven US cities and 11 in
China. Edinburgh in Scotland was the highest-ranked new entry as the 27th most
expensive city.

The survey, which has been conducted for more than 30 years, compares local
prices of more than 200 goods and services in each city with New York prices,
with researchers collecting data each March and September. More than 50,000
individual prices are collected every six months.

Prices are expected to increase further in the coming year in many cities.
However, if the rate of price inflation falls and lockdowns and supply chain
disruptions decrease, there could be cause for optimism towards the end of
2022, the report notes.
   
https://www.weforum.org/agenda/2021/12/tel-aviv-most-expensive-city-index/
 These are the world's most expensive cities in 2021
By Maureen O'Hare, CNN
Published Nov 30, 2021 4:08:00 PM
   

(CNN) — All over the world, it's been a tough year on wallets. Purse strings have gotten as
tight as thumb screws.

Supply-chain blockages and changing consumer demand have pushed up the cost of living
in many of our biggest cities, according to new research published Wednesday, and
inflation is the fastest recorded over the past five years.

One city has been experiencing more rapid change than most, jumping from fifth place to
first in this year's Worldwide Cost of Living index released by the Economist Intelligence
Unit (EIU).

The Israeli city of Tel Aviv topped the rankings for the first time, overtaking last year's
leader Paris, which is now tied in second place with Singapore.

The EIU attributes Tel Aviv's sharp rise on the index to increases to grocery and transport
prices and the strength of the Israeli shekel against the US dollar.

Everyday goods and services

The 2021 Worldwide Cost of Living index tracks the cost of living across 173 global cities
— 40 more than last year —  and compares the price of more than 200 everyday products
and services.

Data for the survey, which has been carried out for more than three decades, is gathered
by EIU's global team of researchers each March and September.

The index is benchmarked against prices in New York City; hence, cities with currencies
that are stronger against the US dollar are likely to appear higher in the rankings.

Zurich and Hong Kong are at Nos. 4 and 5, respectively, having held the top spot last year
alongside Paris. New York, Geneva, Copenhagen, Los Angeles, and Osaka round up the
rest of the top ten.
The upper rankings continue to be dominated by European and developed Asian cities.
The lowest-ranking cities are mainly in the Middle East, Africa and less wealthy parts of
Asia.

Pandemic problems
The EIU reports that, on average, prices for the goods and services covered by the index
have risen by 3.5% year on year in local-currency terms, compared with an increase of just
1.9% this time last year.

Those much-reported global supply-chain problems have contributed to price rises, and the
COVID-19 pandemic and social restrictions are still affecting production and trade around
the world. With a new coronavirus variant currently causing widespread alarm, these issues
won't be going away in a hurry.

Rising oil prices drove a 21% increase in the price of unleaded petrol, reports the EIU, but
there were also big price hikes in the recreation, tobacco, and personal care categories.
The highest-rising city in 2021 was the Iranian city of Tehran, which jumped 50 places from
No. 79 to No. 29, as US sanctions resulted in shortages and higher prices.

The Syrian city of Damascus once again ranks as the cheapest city in the world, as its war-
torn economy continues to struggle. Damascus and Tehran suffered from very high inflation
in 2021, as did Caracas in Venezuela and Buenos Aires in Argentina.

Upasana Dutt, head of Worldwide Cost of Living at EIU, said in a statement: "Although
most economies across the world are now recovering as COVID-19 vaccines are rolled out,
many major cities are still seeing spikes in cases, leading to social restrictions. These have
disrupted the supply of goods, leading to shortages and higher prices.

We can clearly see the impact in this year's index, with the rise in petrol prices particularly
stark. But not all cities saw price increases. Many of the cities towards the bottom of our
rankings saw prices stagnate or even fall, partly because their currencies weakened
against the US dollar.

Over the coming year, we expect to see the cost of living rise further in many cities as
wages increase in many sectors. However, we are also expecting central banks to raise
interest rates, cautiously, to stem inflation. So, the price increases should start to moderate
from this year's level."

World's most expensive cities to live 2021

1. Tel Aviv, Israel
2. (tie) Paris, France
2. (tie) Singapore
4. Zurich, Switzerland
5. Hong Kong
6. New York City, New York
7. Geneva, Switzerland
8. Copenhagen, Denmark
9. Los Angeles, California
10. Osaka, Japan
11. Oslo, Norway
12. Seoul, South Korea
13. Tokyo, Japan
14. (tie) Vienna, Austria
14. (tie) Sydney, Australia
16. Melbourne, Australia
17. (tie) Helsinki, Finland
17. (tie) London, UK
19. (tie) Dublin, Ireland
19. (tie) Frankfurt, Germany
19. (tie) Shanghai, China

https://cnnphilippines.com/lifestyle/2021/11/30/most-expensive-cities-world-2021.html
Manila is Southeast Asia’s 3rd most expensive city to live
in, study shows
By: Doris Dumlao-Abadilla - Reporter / @philbizwatcher
Philippine Daily Inquirer / 05:05 AM April 23, 2021

Manila is one of the most expensive cities to live in despite having the lowest
average salary for the working class relative to peers in Southeast Asia, according
to a research by data aggregator iPrice Group.

Based on data culled by iPrice across Southeast Asia’s six largest markets on
Numeo database, the Philippines’ capital city has the second-highest rent prices,
next only to Singapore.

Cost of living in Southeast Asia —CONTRIBUTED PHOTO

Given that Singapore is way ahead of its Southeast Asian peers, iPrice said in a
statement that “it’s quite surprising that a developing country’s capital city, which is
way behind the aforementioned Lion City in terms of economic development, has
the second-highest rent prices in the region.”

The price of a one-bedroom apartment in the city center of Manila is 56 percent

higher than Kuala Lumpur’s, 47 percent higher than Jakarta’s and 31 percent
higher than Ho Chi Minh’s.iPrice said it was a surprise that this was even 9 percent
higher than Bangkok’s, a tourism hotspot in Southeast Asia.

The cost of living in Singapore is at least 132 percent higher than the other
markets, it noted. “Shockingly, however, Bangkok and Manila are neck and neck at
the top,” iPrice said.Monthly cost of living in Bangkok is estimated at P51,500 per
person. This takes into account every necessity such as rent, food, transportation
and utilities.

Manila is just 1 percent less expensive than Bangkok with an estimated monthly
cost of P50,800 for a single person. Without rent, the total cost of living is
estimated at P28,800 a month in Manila.

The research noted that Manila’s cost of living stood 33 percent higher than the
cost in Kuala Lumpur, 28 percent higher than the cost in Vietnam and 24 percent
higher than in Jakarta.

“These numbers will leave people scratching their heads because Numeo records
Manila to have the lowest estimated average net salary among the other cities,”
iPrice said.
Citing contributors’ data and aggregated information from authoritative sources,
iPrice estimated average salary of Manila residents at only about P18,900 a
month.
“Given the prices stated above, it leaves us wondering how comfortable Filipinos
residing in Manila really are. The average cost of living is 168 percent higher than
the average salary, so it comes as no surprise that about 35 percent of Metro
Manila’s population is reported to live in unstable, badly constructed shelters in the
slums and 11 percent of them reside near railroads or garbage dumps,” iPrice
said.
iPrice reported that bed space rentals are commonly practiced in Manila. Instead
of renting actual rooms or an entire apartment, some locals resort to renting bed
spaces and sharing rooms with others, it noted.

“This leaves you wondering what other things Manila residents need to bear with
given the high costs and low wages. Perhaps leisure expenses or take-outs are
kept to a minimum or aren’t enjoyed at all. This, along with Manila having the
second-worst traffic in the world, gives you an idea of its residents’ quality of life,”
the research said.

Read more: https://business.inquirer.net/321577/manila-is-southeast-asias-3rd-
most-expensive-city-to-live-in-study-shows#ixzz7H3w2LQrW
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

https://business.inquirer.net/321577/manila-is-southeast-asias-3rd-most-
expensive-city-to-live-in-study-shows
 Metro Manila is 78th most expensive city in the world for foreign
workers
By: Gabriel Pabico Lalu - Reporter / @GabrielLaluINQ
INQUIRER.net / 06:56 PM June 24, 2021

MANILA, Philippines — Metro Manila now ranks 78th worldwide in terms of the
most expensive cities for foreign workers, according to a poll done by American
asset management firm Mercer.

Mercer’s study released on Monday shows that most of the most expensive cities
globally are located in Asia, with Hong Kong falling to second place, losing the top
spot to Ashgabat, Turkmenistan.

After Ashgabat and Hong Kong, these are the following cities that round off the top
10:

Beirut, Lebanon (3rd, formerly 45th)

Tokyo, Japan (4th, formerly 3rd)
Zurich, Switzerland (5th, formerly 4th)
Shanghai, China (6th, formerly 7th)
Singapore, Singapore (7th, formerly 5th)
Geneva, Switzerland (8th, formerly 9th)
Beijing, China (9th, formerly 10th)
Bern, Switzerland (10th, formerly 8th).

Beirut’s rapid growth has been attributed to the COVID-19 pandemic and a
controversial explosion in its port that left scores of people dead and thousands
injured.

“Tokyo, Japan now ranked fourth was leapfrogged by Beirut, Lebanon which
climbed 42 positions to third, as a result of a severe and extensive economic
depression due to escalation of several crises — the country’s largest financial
crisis, COVID-19, and the Port of Beirut explosion in 2020,” Mercer said in its
report.

“More than half of the top 10 most expensive cities are located in Asia. Shanghai
and Beijing ranked sixth and ninth respectively, up one place from last year, while
Singapore moved from fifth place to seventh. Other cities appearing in the top 10
of Mercer’s most costly cities for international employees are Zurich (5), Geneva
(8) and Bern (10),” it added.

As for Metro Manila, it rose two spots from the 80th spot and has now moved
ahead of several first-world cities, including Hamburg, Germany (80th); Lisbon,
Portugal (83rd); and Barcelona, Spain (84th).

Mercer’s poll disputed

Some Manila city officials, who did not wish to be named due to lack of authority,
argued that the study was about Metro Manila – the National Capital Region – and
not the city itself.
To clarify these claims, INQUIRER.net contacted Mercer’s Philippines office.
Mercer Philippines has committed to responding to the issues on Thursday, June
24.

In its reply to INQUIRER.net on Thursday, Mercer Asia confirmed the city officials’
suspicions: that the data was obtained from Metropolitan Manila — and not the
City of Manila only — which means that it includes other cities such as Quezon
City and Taguig.

“For the purpose of Manila’s Cost of Living survey, we collected prices in

Metropolitan Manila, that includes the city of Manila as well as denser areas such
as Makati, Quezon City and Taguig,” Mercer Asia Pacific Global Mobility Leader
Julia Radchenko said in an e-mail.

An earlier version of the story referred to the study subject as the City of Manila
only. It has been corrected ever since.

In the report, Mercer said that the COVID-19 pandemic “continues to cause
unparalleled disruption to international mobility”, which then forces companies to
reevaluate how a mobile workforce would be managed.

A key consideration for companies setting up business in a particular region is the

cost of living, according to Ilya Bonic, career president and head of Mercer
Strategy. But she also said that the COVID-19 pandemic muddied things up.

“Cost of living has always been a factor for international mobility planning, but the
pandemic has added a whole new layer of complexity, as well as long-term
implications related to health and safety of employees, remote working and
flexibility policies, among other considerations,” Bonic said.

“As organizations rethink their talent and mobility strategies, accurate and
transparent data is essential to compensate employees fairly for all types of
assignments,” he added.

According to Mercer, Chinese cities like Beijing and Shanghai ranked high due to
their quick recovery from the pandemic.

“The survey saw a rise in rankings across all Mainland China cities, buoyed by
currency appreciation against the US dollar and swift recovery from the impact of
COVID-19. Most notably, Tianjin and Chengdu climbed 12 positions to 26th and
28th respectively,” Mercer noted.

“Currency fluctuations and deflation saw Southeast Asian cities like Bangkok and
Kuala Lumpur drop in rankings. Bangkok (46) dropped 11 places, while Kuala
Lumpur (144) dropped 8 places. Mumbai (78) is India’s most expensive city but
dropped 18 places in this year’s ranking due to a relatively weak Indian rupee in
comparison with other cities in the ranking,” it added. 

Due to several COVID-19 surges in Manila and the National Capital Region
(NCR), the economy took a dip. However, national government statistics indicate a
9.5 percent decline in the country’s gross domestic product (GDP) for 2020 – by
far the worst percentage decline since statisticians tracked the country’s output.
Inflation has also been a cause of much hardship for residents of NCR, with
several communities suffering from the lack of jobs and high prices of basic
commodities during lockdowns.

https://newsinfo.inquirer.net/1450798/metro-manila-is-78th-most-expensive-city-
in-the-world-for-foreign-workers